Delphian Corporation has two classes of common stock. The company’s balance sheet includes the following:
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DELPHIAN CORPORATION |
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Paid in capital: |
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Class A common stock, voting, $1 par value, |
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authorized and issued 1,200,000 shares |
$ 1,200,000 |
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Paid in capital in excess of par—Class A common |
2,000,000 |
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Class B common stock, nonvoting, no par value, |
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authorized and issued 11,000,000 shares |
55,000,000 |
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58,200,000 |
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Retained earnings |
800,000,000 |
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Total stockholders’ equity |
$858,200,000 |
Requirements
1. Journalize the issuance of the Class A common stock.
2. Journalize the issuance of the Class B common stock.
3. What is the total paid in capital of the company?
4. What was the average issue price of each share of Class B common stock?